Cuba is looking for foreign investors for 678 projects, mainly in the food, biopharmaceutical, tourism and energy sectors, for a total amount of 12.5 billion dollars.
According to a statement released this Wednesday by the Ministry of Foreign Trade and Investment (MINCEX), the new Portfolio of Business Opportunities with Foreign Investment seeks to “attract foreign capital in a more proactive way, facilitating business, eliminating bureaucracy and promoting new opportunities.”
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The head of MINCEX, Rodrigo Malmierca, explained that the initiative is key to the development of the country. Cuba is in a serious economic situation, with strong inflation — 60% official and 6.900% in the informal market — and an accumulated contraction of the gross domestic product (GDP) of 13% in two years.
The sector with the largest representation in the portfolio is food production, with 164 options, and also environmental impact projects, tourism, industry, pharmaceuticals, mining, oil and energy.
Referring to the energy sector, the head of MINCEX pointed out the additional incentives for the promotion of renewable energy sources, which will be able to have access to a special tax regime, with exemptions from the start of operations. The initiative, with 175 more projects than the previous version, incorporates projects sponsored by local governments and lowers the minimum amount to facilitate access.
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One of the novelties of this business portfolio, according to Malmierca, is the elimination of the prohibition to establish bank accounts abroad linked to these projects, which may be opened with authorization from the Central Bank of Cuba.
The participation of corporate banks, second-tier corporate banks, investment banks and non-banking financial institutions, which must contribute capital, technologies, new products and services, as well as access to international financial markets, have been approved as measures to stimulate investment in the financial sector.
After spending the last 3 weeks in beautiful Cuba, I would like to see hotels planting vegetable gardens on their grounds to provide fresh herbs, lettuces and salad stuffs rather than just flowers and trees, vegetable gardens with natural pesticide flowers and plants are as beautiful as ornamental gardens, even more so as they will offer better food and more employment for Cuban people. Cuba should be able to be self sufficient in food supply with the rich soil, perfect climate by using permaculture farming practices which don’t require foreign fertilizers or pesticides. The farmers and farm cooperatives should be able to sell to hotels as well as to local food stores and be able to command a reasonable price their produce. Keep farming local and the logistics to get products to market are a lot simpler. I am hoping the government will recognize that food security is a necessity for the country and for the cuban people. To achieve it, farmers and farm cooperatives need to be able to earn a decent living growing crops and livestock and to sell it locally to local stores, hotels in cuban pesos. It seems hotels have to pay for food stuff in foreign currency which is an obstacle and a disincentive for local farmers to grow high quality food products. I hope the new focus on agriculture is for permaculture farming rather than the western use of more fertilizers and more pesticides as the western approach kills the soil, pollutes the water and destroys the soil. Cuba is a leader in Organic, Permaculture farming that the world can emulate, let us hope the focus is to continue with Organic, Permaculture, no till farming rather than resorting to western agricultural practices that destroy the environment and does not produce more or better products. Organic Green Cuba can be a huge Tourist Campaign that will attract people and industry from around the world.